In a recent statement released by Consumer Financial Protection Bureau (CFPB) Director Richard Cordray, he announced the agency will begin to shift their focus away from the banking industry and instead start targeting private firms which violate the fair debt collection regulations established by the Dodd-Frank Act.
"For the first time at the federal level, nonbank financial institutions are subject to supervisory oversight that holds them accountable for how they treat consumers," Cordray said in his statement.
This shift in focus has been brought about due to the rampant debt collector harassment being committed by nonbank institutions across the country. Common illegal debt collection practices used by many of these organizations include:
- Making excessive calls to consumers outside of the mandated 8 am to 9 pm calling window
- Calling consumers at their place of business
- Visiting consumers at their workplace to collect a debt
- Threatening consumers with a lawsuit solely for the purpose of intimidation
- Threatening consumers with arrest and jail time for failure to pay a debt
By law, debt collection agencies are required to verify the existence of a debt before commencing debt collection proceedings. Many of these organizations fail to take this important step, resulting in consumers being harassed for debts that they have already paid and sometimes even for debts which they do not rightfully owe.
If you've been a victim of debt collector harassment, you have rights. Howard D. Silver is a consumer protection lawyer with more than 25 years of experience handling debt collector harassment cases. He can help you file a lawsuit in order to stop this harassment and recover compensation for your damages.
Please contact the Law Office of Howard D. Silver today to schedule a free debt collector harassment consultation. Mr. Silver serves clients in Los Angeles, Riverside, San Bernadino and Ventura Counties, and throughout California.